Login ID:
Partner Login
Contact Us : 7066511911

Energy Today: Crude Hits 52-week High as OPEC+ Maintained Status Quo of Production; Banks Raise Brent Crude Price Forecast

5 Mar 2021 10:57 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) - The global oil prices surged to a 52-week high after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.

The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.

WTI oil is trading near $65 a barrel while Brent oil is trading above $67 a barrel in Asian trading hours on Friday.Crude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories.

UBS raises Brent forecast to $75/Bbl and WTI to $72/Bbl in 2H’ 2021 and Goldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now sees the global crude benchmark at $80 in the third quarter.

JPMorgan Chase & Co. increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Even Citigroup Inc. said crude prices could top $70 before the end of this month.

The positive trend will continue in Indian market with the MCX March expiry crude oil contract moving towards Rs. 4800 per barrel.

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Energy – Natural Gas (NYMEX) – Inflection Point: Retest...
Crude Oil (NYMEX) – Signs of Uptrend Resumption / Next ...
Energy Today: Crude Oil Rises to 4-Week High on Strong ...
Energy – Natural Gas (NYMEX) – Inflection Point: Retest...
Crude Oil (NYMEX) – Signs of Uptrend Resumption / Next ...
Top 5 News
Ukraine Sunoil Output & Export Set to Rise Over 16% in ...
Gujarat Sugar Mill Prices –17 april 2021
Maharashtra Sugar Mill Prices – 17 FEB 2021
Tamil Nadu Sugar Mill Prices –17 APRIL 2021
Uttar Pradesh Sugar Mill Prices -17 APRIL2021
Top 5 Special Reports
Crisis in Mozambique Could Mean Trouble for India's Foo...
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Copyright © CC Commodity Info Services LLP. All rights reserved.